Bannari Amman Spinning Mills Reports Negative Financial Performance in June 2024 Quarter
Bannari Amman Spinning Mills, a microcap company in the textile industry, recently announced its financial results for the quarter ending June 2024. According to the report released on August 14, 2024, the stock call for the company is 'Sell' by MarketsMOJO.
The company has seen a negative financial performance in the quarter, with a score of -12, which has improved from -18 in the last three months. However, there are some positive aspects to the company's financials based on the June 2024 results.
One of the strengths of Bannari Amman Spinning Mills is its operating cash flow, which has been the highest at Rs 125.35 crore in the last three years. This indicates that the company has generated higher cash revenues from its business operations. Additionally, the company's earnings per share (EPS) for the quarter were the highest at Rs 0.48 in the last five quarters, showing an increase in profitability and creating higher earnings for shareholders.
On the other hand, there are some areas of concern for the company based on the June 2024 financials. The net sales for the quarter were at Rs 215.86 crore, which is a significant decrease of -21.1% compared to the average net sales of the previous four quarters at Rs 273.70 crore. This indicates a negative trend in near-term sales.
Similarly, the profit after tax (PAT) for the quarter was at Rs -9.01 crore, which is a decrease of -62.1% compared to the average PAT of the previous four quarters at Rs -5.56 crore. This also shows a negative trend in near-term profitability. Additionally, the debtors turnover ratio for the half-yearly period was the lowest at 6.55 times in the last five periods, indicating a slowdown in the company's pace of settling its debtors.
Overall, Bannari Amman Spinning Mills has reported a negative financial performance for the quarter ending June 2024. Investors should carefully consider these factors before making any investment decisions.
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